Israel Police arrest five suspects in alleged NIS 16 million WhatsApp cryptocurrency fraud scheme
Israel Police arrested five suspects in an alleged NIS 16 million cryptocurrency scheme involving WhatsApp trades and transfers disguised as loans.
On Tuesday morning, Israel Police arrested five individuals suspected of participating in a cryptocurrency trading network operated through a WhatsApp group, allegedly transferring NIS 16 million without notifying Israeli tax authorities. The investigation, conducted by the National Unit for Combating Economic Crime within Lahav 433, targeted the suspects who allegedly engaged in cryptocurrency transactions worth hundreds of thousands of shekels using fraudulent methods to conceal the origin of the funds.
The suspects, who held various roles within the WhatsApp group, were charged with conducting cryptocurrency exchange transactions without the necessary permits and failing to report the funds to Israel's tax authorities. The estimated scope of the activity under investigation is approximately NIS 16 million, although investigators suspect the alleged offenses extended beyond cryptocurrency trading itself.
During the raid of the suspects' homes, investigators confiscated wallets, computers, and tens of thousands of shekels in cash. They questioned the five individuals at the unit's offices on suspicion of money laundering, providing financial asset services without a permit, and obtaining something by fraudulent means. Police anticipate that the investigation will expand, with additional individuals expected to be questioned.
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